Selling a Testing, Inspection, Certification and Compliance (TICC) business is one of the most significant decisions a founder will make. Beyond agreeing a valuation, owners often find themselves weighing up what comes next: how the business will develop, what it means for their employees, and whether the company they built will continue to reflect the values that made it successful.
These questions have become increasingly important as acquisition activity across the North American TICC sector continues to grow. While there are more potential buyers than ever before, not every acquisition offers the same experience after completion. The right partner should provide confidence that the business, its people, and its future are in good hands.
Hansen Aerospace's journey with Phenna Group offers a great example of what that can look like. Since joining the Group in 2019, the business has continued to grow while retaining its identity and leadership, demonstrating how the right partnership can support the next stage of the company's development as well as a founder's long-term vision.
What TICC Owners Can Learn From Hansen Aerospace’s Experience
- Look beyond valuation: Cultural fit, legacy protection, and long-term ownership all shape a successful partnership.
- Selling doesn’t mean stepping away: Founders may remain involved through leadership, succession planning, or wider group roles.
- Growth should continue after the transaction: Investment, expertise, and group support can unlock new opportunities.
- Business identity can be protected: Hansen Aerospace retained its identity, leadership, and culture while joining a global group.
- Great businesses are built by great people: The right partner values the expertise, relationships, and culture behind the business.
Preparing to sell your business? Since 2019, more than 90 TICC founders and entrepreneurs have chosen to partner with Phenna Group.
The Question Many Founders Ask Before Selling
For many founders, deciding whether to sell isn't the difficult part. Choosing who to sell to is often the bigger decision. A transaction not only shapes the future of the business, but it also influences the people who work there, the customers who rely on it, and the legacy a founder leaves behind.
Before moving forward, many owners want answers to questions such as:
- Will the business keep its name and reputation?
- Will the leadership team stay in place?
- Will employees and customers experience disruption?
- Can the business continue to grow after the sale?
- Can I remain involved if I want to?
- What does staying on after selling the business look like?
These are questions that deserve careful thought when choosing an acquisition partner.
Hansen Aerospace’s Story
Established in 1982, Hansen Aerospace has spent more than four decades building a reputation as a specialist provider of aerospace non-destructive testing services. Based near Boston, Massachusetts, the company works with major aerospace manufacturers worldwide and is recognised for its technical expertise, customer service, and commitment to quality.
In April 2019, Hansen Aerospace joined Phenna Group following a management buyout. At the time, Phenna had recently been established with a long-term vision of bringing together specialist Testing, Inspection, Certification and Compliance (TICC) businesses that shared similar values, knowledge, and ambitions for growth.
Why Hansen Chose to Join Phenna Group
Like many founders considering the future of their business, the Hansen family wanted confidence in the organisation they were joining. The decision was shaped by shared values, long-standing relationships, and a clear vision for the future, alongside opportunities to strengthen the business over the long term.
Several factors influenced that decision:
- A trusted relationship with Phenna founder Paul Barry, built over many years
- A shared commitment to quality, customer service, and long-term growth
- The opportunity to retain Hansen Aerospace's identity and leadership
- Access to investment, specialist expertise, and wider business support
- Confidence in Phenna's vision for building a global group of specialist TICC businesses
Eric D'Orio had been speaking with Paul Barry for several years before Phenna Group was established and believed in the vision from the outset. Hansen Aerospace became one of the Group's founding businesses, with Eric playing an active role throughout the transaction while supporting the Hansen and D'Orio families during the sale.
A Smooth Transition Built Around Continuity
For Hansen Aerospace, maintaining continuity was an important part of the transition. Following the acquisition, Eric and the management team experienced very little disruption; Hansen retained its brand, leadership structure, and established ways of working, allowing employees to continue focusing on delivering the quality and service that customers had come to expect.
The transition also gave Hansen access to additional expertise and resources within Phenna Group, including:
- Financial backing for future growth
- Operational expertise from across the Group
- Legal, HR, finance and marketing support
- Comprehensive Group insurance arrangements
- Additional opportunities for collaboration and expansion
These resources helped Hansen strengthen its operations while continuing to invest in its technical capabilities. The business expanded its equipment, grew its workforce, and broadened its service offering, becoming a more comprehensive testing partner for major aerospace manufacturers. Today, Hansen Aerospace continues to grow, with the business achieving record performance.
A Partnership That Created New Opportunities
For Eric D'Orio, the benefits of the partnership have extended beyond Hansen Aerospace. Alongside continuing as CEO of Hansen, Eric took on the role of Managing Director of Phenna Americas, supporting the growth of other specialist businesses across the Group.
While selling a business can feel closely connected with the idea of leaving it behind, Hansen Aerospace demonstrates that post-sale involvement can take different forms depending on the founder’s goals, experience, and ambitions.
Ultimately, the right outcome will look different for every owner. Some may continue leading the business, while others may focus on succession planning, mentoring their team, or gradually transitioning away from day-to-day responsibilities.
In Conversation with Eric D’Orio
What does being part of Phenna Group’s founding family mean to you?
In one word: everything.
I have always had a strong work ethic. After college, I spent 12 years in finance, founded and ran my own financial services business, and then went on to lead two family businesses before Phenna was established. I already felt a great sense of pride and accomplishment in my career, but becoming part of Phenna has been especially meaningful.
Our family took a significant risk by investing in and helping launch the portfolio. At the time, we never imagined it would grow to the size and scale it has achieved in such a short period. Watching that vision become a reality has been incredibly rewarding, and I’m immensely proud to have been one of Phenna’s original investors.
Why did you choose to remain involved after the acquisition?
Phenna has allowed me to continue growing both personally and professionally. Paul Barry and our CEO, Phil Marshall, have placed a great deal of trust in me to help build Phenna’s Americas Division, and I continue to learn from their vision, leadership, and approach to building great businesses.
One of the most rewarding aspects of my role is being able to share those lessons with our operating companies and their employees. Helping businesses grow, creating opportunities for their people, and contributing to their long-term success is incredibly fulfilling.
How has Hansen Aerospace developed since joining Phenna Group?
As part of the aerospace sector, Hansen Aerospace was hit hard by the COVID-19 pandemic, along with the rest of the industry. We had launched Phenna Group in 2019, and just one year later our flagship company was facing significant challenges.
With Phenna’s support, Hansen was able to make significant capital investments at a time when, as a standalone business, we simply would not have been able to. Those investments helped us recover quickly, expand our service offering, add new etch and FPI capabilities, and continue growing our team. Investment from Phenna have also seen Hansen build the largest single ultrasonic inspection lab in the world, with 43 immersion inspection systems.
Today, we’re still hiring, delivering record growth, and maintaining exceptionally high levels of customer satisfaction. Looking back, the strength and stability of the wider Phenna portfolio made a significant difference – and it’s hard to ask for a better outcome than that.
What has the acquisition experience been like for employees and the wider Hansen team?
The transition was so seamless that I chose not to communicate the sale to our employees until nearly six months after it had been completed.
I remember one of our senior inspectors approaching me after hearing a rumour that Hansen had been sold. He looked genuinely concerned and asked, “What’s going to change?”
I replied with a question of my own: “What has changed over the past six months?”
He paused and said, “Well, we’ve purchased new equipment and hired more inspectors.”
That conversation perfectly captured the experience. From our employees’ perspective, the noticeable changes were positive ones – continued investment in the business, growth, and new opportunities.
Where Hansen Aerospace Is Today
Today, Hansen Aerospace continues to build on the foundations that made it successful before joining Phenna Group. Eric D’Orio remains CEO, providing strategic guidance and supporting the company’s long-term growth planning, while the day-to-day operations are led by President Mark Cornell and the wider management team.
Looking ahead, Hansen continues to invest in its capabilities and people. With support from Phenna Group and collaboration across the wider network, the company is focused on expanding its services, serving customers across the aerospace sector, and building on the growth achieved since joining the Group.
Preparing to Sell Your Business: Choosing a Partner
For founders considering a sale, valuation is naturally an important part of the conversation. However, many owners also want to understand what happens after completion: how their employees will be supported, whether their customers will continue receiving the same standards of service, and whether the company they built will have opportunities to grow.
Succession planning is often central to this decision and should be considered early in the process. Understanding your objectives – whether that’s remaining involved, supporting your leadership team, or preparing for retirement – will help you identify an acquirer that aligns with both your personal and commercial goals.
Phenna Group’s approach is based on long-term ownership of specialist TICC businesses. By bringing together companies with shared expertise and values, the Group provides founders with access to wider resources while allowing established leadership teams to continue contributing their knowledge, experience, and culture.
Founder Perspectives Across Phenna Group
Every founder has different reasons for choosing an acquisition partner. Across Phenna Group, business leaders have highlighted the importance of maintaining the qualities that made their companies successful while gaining access to additional resources and opportunities.
"The biggest attraction was the Phenna model... allowed me and my team to continue leading the business as we saw fit."
— Brian Shannon, Founder of BET
"Phenna offered the chance to retain equity, maintain operational management, and scale with serious backing."
— Chris Simmons, Founder of Simtec
"We've retained our identity, accelerated our growth, and further strengthened our culture."
— Adam Gould, Managing Director of Code A Weld
Considering the Future of Your TICC Business?
Phenna Group was created in 2019 when Paul Barry led a management buy-out of Hansen Aerospace and First Scottish Group, with support from members of the Hansen family. Now, Phenna is a global provider of TICC services, supporting clients across highly regulated sectors with mission-critical services and an unwavering commitment to quality, integrity, and deliverability.
Whether you are planning for retirement, exploring succession options, or considering a partial or full exit, a confidential conversation with us can help clarify what the right next step looks like for you, your leadership team, and your business.
Contact the Phenna Group M&A team today to discuss how a partnership with us could support your long-term goals.
FAQs About Preparing to Sell Your Business
What happens after I sell my business to Phenna Group?
Phenna Group focuses on maintaining continuity after an acquisition. Many founders continue leading their businesses while gaining access to investment, operational expertise, legal and HR support, marketing resources, and opportunities to collaborate with companies across the Group.
The transition is designed to minimise disruption for employees and customers while supporting long-term growth. For owners who are preparing to sell their business, the process typically begins with a confidential discussion about their goals, succession plans, and the future of the company.
Can I remain in post after selling my business?
Yes. Many founders choose to remain involved after a transaction, although the level of involvement varies from business to business. Some continue as managing directors or CEOs for many years, while others prefer a phased transition or a shorter handover period.
Staying on after selling the business can provide continuity for employees, customers, and the wider leadership team. The right approach depends on your personal objectives, succession plans, and the future role you would like to play within the business.
The Phenna Group model is one where we actively encourage founders and/or Managing Directors to stay in role for an extended period, post-acquisition.
What are Phenna Group’s business values?
Phenna Group's approach is built around long-term ownership, partnership, and entrepreneurial leadership. We believe great businesses are built by great people, and that founders should have a home for the businesses they have created.
These values are reflected in a focus on preserving company identity, supporting leadership teams, investing in growth, and building sustainable businesses. For founders preparing to sell their business, this means considering how a partnership will support its future, people, and legacy.